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REC 3.5 Disciplinary action and events relating to key individuals

Disciplinary action

REC 3.5.1R

Where any key individual of a UK recognised body:

  1. (1)

    is the subject of any disciplinary action because of concerns about his alleged misconduct;

  2. (2)

    resigns as a result of an investigation into his alleged misconduct; or

  3. (3)

    is dismissed for misconduct;

that body must immediately give the FCA1 notice of that event, and give the information specified for the purposes of this rule in REC 3.5.2 R.

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REC 3.5.2R

The following information is specified for the purposes of REC 3.5.1 R:

  1. (1)

    the name of the key individual and his responsibilities within the UK recognised body;

  2. (2)

    details of the acts or alleged acts of misconduct by that key individual; and

  3. (3)

    details of any disciplinary action which has been or is proposed to be taken by that body in relation to that key individual.

Other events

REC 3.5.3R

Where a UK recognised body becomes aware that any of the following events has occurred in relation to a key individual, it must immediately give the FCA1 notice of that event:

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  1. (1)

    a petition for bankruptcy is presented (or similar or analogous proceedings under the law of a jurisdiction outside the United Kingdom are commenced) against that key individual; or

  2. (2)

    a bankruptcy order (or a similar or analogous order under the law of a jurisdiction outside the United Kingdom) is made against him; or

  3. (3)

    he enters into a voluntary arrangement (or a similar or analogous arrangement under the law of a jurisdiction outside the United Kingdom) with his creditors.